Midas’ Parent Buys Carzonrent

Sumitomo Mitsui Auto Service Co., Ltd. (Head Office: Shinjuku-ku, Tokyo; President; Masayuki Doi, hereinafter “SMAS”), and Sumitomo Corporation (Head Office: Chuo-ku, Tokyo President; Kuniharu Nakamura) have acquired the auto leasing business of Carzonrent Private Limited (hereinafter “COR”), one of India’s leading automotive-related service companies, via SMAS Auto Leasing India Private Limited (hereinafter “SMAI”), their joint venture company in India.

1. Purpose of business acquisition
As part of its overseas expansion in the Asia-Oceania region, SMAS acquired by transfer the auto leasing business of COR, currently engaged in the auto leasing, rental car, and taxi businesses in India, to add to those locations already established in Thailand and Australia.
India’s auto leasing market consists of about 40,000 vehicles at the moment, but the market is expected to more than double to 100,000 vehicles within a few years, driven in part by higher demand from corporate clients. SMAS is seeking to establish an early foothold in the Indian market, which is anticipated to see dramatic economic growth, and further expand its auto leasing business.
SMAS and Sumitomo Corporation will continue to look beyond the Indian market to emerging countries in the Asia-Oceania region and elsewhere, in order to further expand their overseas operations and auto leasing business.

October 1, 2014